for what, to make politicians constituents happy. and william agrees. you said recently the post office should keep saturday delivery and stop monday or friday. my thoughts exactly. appreciate the program. and bob from texas says stocks will fall when washington gets off the propaganda kick in the american people wake up to what is happening in this country. i love hearing from you. keep sending her e-mails, we love to get them. tonight in australian billionaire getting ready to set a new version of the titanic. because the first one worked out so well. blueprints were unveiled today in construction set soon in china and the ship could set sail in 2015. almost an exact replica but meeting current requirements.

40,000 people have expressed interest taking the maiden voyage from england to new york. the unthinkable ship hit an iceberg and sank in 1912, only 700 of the 2200 on board survived. he says this will be safer for two reasons. a lot of lifeboats, and one of the benefits of global warming is there hasn't been as many as icebergs in the atlantic. why would you want to travel on one boat inspired the greatest disaster of all time? take a plane. that is it for tonight's "the willis report." thank you for joining us. dvr the show if you cannot catch it live. have a great night.

>> good evening, everybody. the deadline for sequestration has already moved until sometime friday when the president will sign the order. adding another day to the president's campaign on the impact of the potential sequester and the president's personal political organization organizing for america spending out across america to dozens of cities and spreading his message of fear and despair. obama supporters and unions have moved a long way from the themes of hope and change, haven't they. today the head of the national air traffic controllers association predicted major hubs in chicago, houston would be forced to shut down resulting in fewer flights perhaps third fewer flights at major airports. the union warning of significant delays, possible safety hazards including limiting lending options during bad weather all

because of the sequester. union president said "if they proceed, these indiscriminate cuts will ultimately result in fewer flights and increased delays, creating a ripple effect that will hurt airlines and pilots and flight attendants, private aviators, passengers and many businesses large and small that depend on a vibrant aviation sector to survive and thrive." that would be the result of a slow reduction in some $44 million in federal spending according to the president and the scare mongers amongst everything from the organized action to the unions the president's surrogates standing out across the country. all of this adds to the number of threats coming with the presidents own cabinet. >> people will get hurt, that is just reality. >> there are things we will not

be able to do as well like secure between the ports of entry on the land borders. >> there will be pain in the american people will be less safe. >> preventative maintenance and quick repair of runaway equipment might not be possible. lou: the obama campaign of fear on the issue of sequestration has become almost farcical. immigrations and potential budget cuts mandated by the sequester prompted the release of some 300 inmates in arizona alone saturday and perhaps more later. claiming those releases are nonviolent offenders being monitored inexpensive manner. same inmates released in his county are violent and he fears they will commit more crimes and then disappear. >> this idea of supervised

release is laughable, these are people mobile border crossers i can never stop and crossing international border, how on earth can they provide supervised release and supervision over these criminals? lou: the white house tried to distance themselves from the department of homeland security putting the blame on the decision to release those detained illegal immigrants squarely on ice. >> this was a decision made by career officials without any input from the white house as a result of fiscal uncertainty over the continuing on resolution. lou: senior aide said the homeland security headquarters in washington also claim they had no knowledge of the decision until after it was made. in a time when a political horse in washington is badly needed, it seems sometimes lost and direction less.

this is what happened in the senate today. republican senators pat toomey of pennsylvania and tennessee decided to offer a plan that would put the responsibility on president obama to cut federal spending. a political gambit, if you will. the measure would require 8 $85o be cut but make the president responsible for that cut and giving leeway to choose specifically which cuts. the republican senate caucus is a house divided, mitch mcconnell saying some members fear the president would use his newfound flexibility to of all things play politics. >> there are some members of our congress who are suspicious the administration is taking advantage of such flexibility, punishing their political enemies. lou: perish the thought. texas high school student is

@uing her squad are being punished for refusing to salute and recite the pledge of allegiance. the mexican pledge of allegiance. 15-year-old says she was given a failing grade by her teacher who ordered her students recite as part of a spanish class assignment. the federal lawsuit says she offered it to recite the american pledge of allegiance in spanish but her teacher refused her request. ironically the school district has a policy that prohibits schools from ordering students to recite, that is right, the american pledge of allegiance. the senate just moments ago voted to confirm jack lew as the new treasury secretary. winning confirmation by 71-26. it is unclear when he will be sworn in. the newly confirmed secretary of

defense chuck hagel was sworn into office earlier today. winning confirmation yesterday after losing the senate vote two weeks ago and undergoing days upon days of harsh criticism and questions from within his own party. our first guest tonight says president obama and senate democrats seem to follow and not misinterpreted the law of what sequestration is. to cut spending, not to raise taxes. joining us now, republican policy committee chairman, member of the senate foreign relations committee. good to have you with us. sequestration, we have a new deadline, whenever the president signs the order putting it into effect. your thoughts. >> i see at the same way you do, the president seems to be running a campaign of fear. the purpose is to try to scare congress and the american people into raising taxes. i am just not eyeing it. we have to cut wasteful washington spending.

people believe at least $0.50 of every dollar they spend to washington is wasted, poorly used, people don't feel they are getting value for their money and now you see what this administration is doing in terms of releasing illegal immigrant detainees. the statement on cbs last week about teachers getting pink slips where we now know that is not true. there is so much fear mongering, they just have to realize it is time to cut the spending and republicans stand firm we are not going to trade a spending cut for tax increase. lou: this has become almost the fear by this president, by his cabinet, his administration and those who support him whether they are unions or whoever they may be coming organization for action. but the reality is today we are greeted by the spectacle of a

divided republican party because it appears the senate leadership has embraced what is described as a five page draft conferred upon the president's constitutional authority to make spending cuts decisions rather replacing sequestration. what are you all doing over there? >> we are unified there will be spending cuts occurring, not an increase in taxes. the proposal by those two senators and still working on the fine details of that is for temporary time to get back to the regular order here. like passing a budget. the senate has not passed a budget in 1400 days. they haven't passed a budget since the ipad has been around. $85 billion is the amount of money we borrowed as a country every month and that is the

sequester for the whole year. realistically when they call it a cut, spending continues to go up, it is just not going up in as fast a rate as the president wants it to go up. lou: it turns out we're not talking about 85 early in dollars as we have been discussing for the past six weeks, we're talking according to congressional budget office and reality, 44 billion in this fiscal year. so the margin is even smaller, a little sliver of a reduction in spending in this current fiscal year becomes even smaller. about 1%, t 12 not have nearly e impact and yet the horror stories go on. at what point u.s. republican and leader of the united states sasenate, tell those guys calm

down and let us have some leadership here. clear, articulate voices about the republican view because it really is mixing messages, it really is confounding and it makes the republicans look either frivolous because it is a political gambit or perhaps even worse, seeking to avoid the responsibilities they said they wanted to claim and that is to reduce spending and return to fiscal policy. >> there should be no question about spending cuts will occur on friday, the sequester will go into place and realistically should not do all this damage the president continues to say is going to happen when you look at how small it is and how long it takes to actually roll

through the process. my concern, as is yours, the president has hyped it to such degree they may have to force some things the most painful way on the american people, which a good manager, a good leader would try to rearrange in a way that would minimize the impact of the citizens of the country, not increase the pain on the citizens of a country. that is what we'r we are dealinh right now. lou: the american people have got to be just confounded by the farce that is the obama administration's campaign. by the conflicting and mixed messages of the republican leadership at a time we need responsible loyal opposition, i would put it that way. we will not have time, but i wanted to point out, the policy committee have come up with a report identifying in one year,

2011, $115 billion in wasted money by the federal government goes across a variety of departments and programs, 115 billion but nobody seems to excited about that. we will see if he can get people excited about it. about three times the impact of the so-called sequester. it is great to have you with us, thank you so much. we will have much more on the political gamesmanship that has been the unfortunate result in washington. we will take that up with the "a-team." >> bob woodward says president obama showing a kind of madness he hasn't seen in a long time. naysayers abounded, the market rebounds. deutsche bank chief economist joins with his outlook on the market's direction next. with the spark cash card from capital one...

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lou: chief global economist from deutsche bank joins us to give us assistance for what appears to be an improving economic recovery, certainly improving market. pending home sales today higher. stocks rallying for the second great session. take that, naysayers. the dow above 14,000. the nasdaq up 33, the big board volume 3.5-liter shares about work has been on average. homebuilders among the leading stocks today. industrial stocks rising on the report. financial stocks leading the rally, jpmorgan chase, goldman sachs, bank of america, and it makes mighty market gold

continuing the volatile down $20 now settling $15.9570. the dow closing in on a new record just a few points shy of the all-time high set in 2007. joining us now, prospect of a dow record, chief global economist deutsche bank advisors. i absolutely love this on wall street, we see the market move against them, suddenly after all of the geniuses whether it is from pimco, whoever it may be talking down stocks and all of a sudden sitting at 90 points from the high. don't you love that?

>> i think the stock market and risk market generally responding to signs the economy is doing a little bit better. lou: we have people running around with this risk on, risk off nonsense again. who are these geniuses who haven't gotten it right for so long now that must be flat or oak. -- broke. lou: every time the italians. >> i know. it conjured worries about the european budget. lou: i don't see a european crisis, i see a european recession. what in the world are people doing here? we have earnings that are solid, there is even muster around them. it isn't just savings from the

bottom line here. this is good stuff, why aren't people talking about it? >> i don't think everybody is. lou: a slight exaggeration. >> some people are talking about some of the things you're mentioning that the lack, but there are some worries. the uncertainty that is casting is another bit of a head wind. lou: if we have survived four years of madness that is the obama presidency, are you saying some silly little sequester with what we learned is $44 billion impact on $16 trillion economy, 1% of the federal budget, if we are to take these farcical elected officials seriously? >> it is not armageddon. not even close to that. lou: thank you.

>> but we have to put into it io context. we just had an increase on taxes, that'll be a bit of a drag on the economy. we will have some sort of spending reductions, little bit more of a drag on the economy. the economy is getting better, but probably not the best time to be throwing an additional hurdle in its way. lou: under no circumstance by dismissal of intelligence and responsibility on the part of this administration and the democratic arty is anyway dismissive of the goal of the responsible leadership with a more responsible congress or senate. what i am saying is isn't it time not to take these fools so seriously? everybody has to understand this is what they are, the pattern is established. create crisis, run it up,

manufactured a crisis, run it up the deadline and try to shove it through and roll over them. >> both sides are not equating themselves in this. lou: it is clear this is the president will, the president's policy, and he owns it, he owns sequestration. >> i'm talking about the economic impact of it, it is a modest drag on the economy. we don't have a short-term widget problem, we have a long-term trajectory of debt is unsustainable. that can be saved over many years. they are tackling the wrong problem, non-entitlement spending at the wrong time. lou: by the way, this president refuses to talk about entitlement. he said he has gotten humbled.

just kind of noise, but i pay attention when the president says things like this. he says he has been more humble over the term of his presidency because he has determined he cannot do it all alone so he is imploring the citizens to go out and force their congressman and senators to do exactly what he says so that he can move forward. i thought that was a gracious and modest perspective he brought to the problem-solving efforts. >> politics in washington are not pretty. lou: the market is pretty, will it stay pretty? >> it could. lou: great to have you. up next, next guest calls the republican opposition to chuck hagel both puzzling and unconscionable. and a brand-new book "at the

brink" talks about how the administration pushed the economy over the edge. next.

♪ lou: the supreme court today heard arguments that a challenge for the voting rights acts of 1965 brought by alabama. the conservative justices are perceived as such to hold a slim majority. highly questionable majority did question whether there is still money for states with a history of discrimination to get federal approval before making changes in voting procedures which could mean justices could render section five of the law unconstitutional or send it back to congress. a decision is expected coming june and july. now the defense secretary who was sworn in earlier today surviving what turned out to be a 7-week fight in the senate. defense secretary telling pentagon employees that the united states cannot dictate to the world.

should engage and lead with allies. joining us is andrew mccarthy, a former federal prosecutor who convicted the blind sheik and is the author of spring fever, the grand war how islam and the left sabotage america. great to see you. >> good to see you. lou: chuck opposed. republicans beating him up and for what? voted for him. >> is very hard to understand what that was all about. you know, they had an opportunity to blacken. i must say, if you're going to have a confirmation hearing in the result of the confirmation hearing ideology aside is that the guy seems like he is simply not up to the job, a reason why the framers said that he would disqualify someone and, in fact, gave the advice and consent responsibility to the senate. lou: i was talking with senator bill i have immense respect for. in termm of leading the

republican party right now, the confusion in both the house and this senate coming up with a five page draft to turn over constitutional powers of the purse to the president for the remaining seven months of this fiscal year, some kind of political gambit, they think. what is your reaction to what we're watching happen to the republican party? >> we have an across the board failure in washington. from the republican side the danger is, they're supposed to be, at least they advertise themselves as defenders of the constitution. to be advocating their role and hope to that endeavor to president obama because it is his intransigent seems to be both infantile and imprudent. the other thing is we go from issue to issue, and they never take a coherent position. i think a good example of that, senator mccain, not to single them out, but i often like to single him out because he is a

good example on these things, he says the cuts and the sequestered to the defense department are unconscionable. now, he also voted along with the republicans in a way that allowed him to get confirmed. he was not qualified for the job . lou: a simple majority take. >> but my point is how you take the position that a marginal cut is unconscionable, but putting all budget in the hands of the guy who is not qualified for the job is fine? >> it is truly perplexing at a time when if ever a loyal opposition, a strong, intellectually rigorous defender of american traditional values in the constitution or necessary, made is now. and it the senator and certainly many others are stronger of those issues.

the party seems fractured. >> the party is unitarian in name only. i think it is like herding cats when you get them on any issue. if they cannot unify and something like that, and he has almost, if you are or about competence, or read about israel , probably about five or six reason that you could wrap your brain around to oppose them. yet that broke down. lou: as always, great have you here. thanks. breaking news out of capitol hill. senate intelligence committee chairwoman dianne feinstein telling fox business that she intends to hold the vote on john brennan's nomination to head the cia next tuesday, that is march march 5th. so that development here this evening. some republicans and democrats did vote against it. disappointed with the white house response for the request on documents on both strong policy in the benghazi terrorist attack.

but the committee is still expected to clear his nomination as of right now. the "a-team" wants to know who that gop leaders really are and what they're doing. after the top ten cities for job creation, something in common. that something is coming right up. ♪ author john lott says america is at the brink. he says, president obama is the reason. he joins us next. ♪ [ male announcer ] you are a business pro.

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♪ lou: my next guest says president obama is not telling the truth when he predicts devastating consequences of the sequester trigger. he points out that according to the congressional budget office, as we reported, the spending cuts will amount to 44 billion. as a mere 1% of the budget. joining us now, john lott, economist and the leading expert

on guns, gun law, and the author of the new book, at the brink. will obama push as over the edge? good to have this year. congratulations, and i want to recommend it highly to everyone. good to have you here. >> great to talk to you again. lou: we are just -- i want to get first to what is going on with the sequestered. this is a president who is implying his personal political force almost a million folks in organization. of the surrogates, unions out to scare the devil out of people. >> pretty hard to believe. we just said that 21 percent increase in federal spending during the first two years, more than inflation. now we're talking about a 1 percent cut. and this is a guy that when he ran in 2008 was saying -- promising he would make government smaller during his administration. and even when -- after he had the stimulus he said may be one, maybe two years. five years into the

administration, and we still cannot cut anything. lou: let's turn to guns because this is a president to everyone in the administration said all these stories, bunch of hillbillies talking about -- having the idea of taking our guns, assault, go after the second amendment. is it not happen. and now guess what, now it's happening. and as you have said and reported, i mean, what happened the day after he was elected? ammine years ago i decided the united nations arms trade treaty is the right idea. >> right. something you did not hear about during the campaign and fallen in all of a sudden the day after words he signals is interested in having initiations go forward lou: and with implications, the point being that he is going to go after weapons, guns in this country through the international treaty. if he can't get it done by the united states congress. worth the edge.

>> nothing more impact on other countries, but the thing that bothers me the most is how he is willing to distort facts on the gun issue. i mean, i have known him for years, with both the dense god are together. one of the first thing she told me was he did not believe people should be able to own guns. you see, he has made to claims with regard to the background checks because it seems like the one thing that may go through. what has been that there is one apprehended individuals who are prevented from buying guns because of the back project and the other is this 40 percent of the sales don't have background checks. both their false. but they're easy to know are false. so he takes a number that really should just be called initial denials. lou: we are getting too far into the weeds. the fact is that the second amendment is precious and is was separates us from the europeans, apparently this president was to join as both a statist and socialist. if -- does by -- how successful

the administration democratic party b? will the second amendment prevail and be protected? >> well, i think he is accomplishing something at the state level. he has been twisting arms insist michael roberts get laws passed. the federal level, i don't think he will get an assault weapons ban through, but he might get enhance background checks. lou: complete with a registry? that is what, for example, senator tom coburn says will never happen. just coburn. are you sure? >> well, i no they're going to say it won't work unless they get a registry. they just had a memo from inside the does the justice department that indicated that there were senes at that point. lou: and the games continue. and at the threat, liberty, as always. thank you so much. >> thank you. lou: breaking news. journalist bob woodward saying that the white house issued a

warning to him warning him after comments that he made this morning. what word this morning slammed president obama. do we have that? to listen to what bob dole word said about this president on his so-called decision not to deploy an aircraft carrier to the persian gulf because of the sequester. >> we now have the president going out because of this piece of paper and this agreement. i can do what i need to do to protect the country. that is the kind of madness. lou: a kind of madness that he has not seen in a long time. well, after reese said that ms nbc an interview, the white house apparently warned word, and woodward tonight revealing that a senior white house official warned him in any no

that he would regret doing this. now, go to loudobbs.com to find links to our facebook page. e-mail me. we would love to hear from you. you can tweet me. thank you for doing so. up next to new york city mayor michael bloomberg. he has a lot more to take care of than a city. he appears to have bought himself the chicago democratic primary runner. ♪

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than $2 million into the race because the chief rival, former congresswoman devi albers and opposes assault weapons ban. buying for, heavily democratic. just being in chicago, for example, will be something virtually assuring that there will when the general election. taxes crushing rest of the country in a new study. the ten best cities for good jobs in job creation. the forbes list takes into account the unemployment rate and employment growth, per-capita income, and income growth. coming in tenth, salt lake city followed by san francisco, denver, obama's city, and san antonio. the top five are seattle, for worth, austin, seven to get the idea. five of the ten best cities for jobs in this country are all in texas. well, several -- civil rights pioneer rosa parks making

history. congressional leaders today unveiling a statue making her the first black woman to be honored with a full-length statue in the capitol hill said--- sanctuary, a 9-foot statue shows her in a seated position commemorating the moment when she refused to give a proceed on a segregated bus in montgomery, alabama. up next, one democratic congressman lost his cool on fox business. that's terrible. who will play the tape. is it a tape? its video. the "a-team" next. the sparks are going to fly. but come right back. ♪ with the spark miles card from capital one, bjorn earns unlimited rewas for his small business take theseags to room 12 please. [ garth ] bjors small busiss earns double miles on every purchase every day. produce delivery. [ bjorn ] just put it on my spark card. [ garth why settle for less? ahh, oh! [ garth ] great businesses deserve limited reward here's your wake up call. [ male announcer ] get the spark business card

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♪ lou: democratic congressman going on, i think you can call

it an epic -- acting out on last night's kennedy. here is a portion of the 6-minute interview. see if you can hear vanity. >> you are the worst excuse i have ever seen. >> i can hear you? >> you heard me. >> i did not. say it again. >> what you justice delayed was not general is an. there was not anything close to try to tell the american people what is really going on. lou: wow. when you were a patient fellow. pointing out the president obama is fear mongering about the sequester. an independent objective fact. that's not an allegation, it's a reality. a crisis the president himself -- well, today online i question why it has taken this long for

the president to take the sequester issue seriously. scheduling a friday meeting with congressional leaders of the the sequester deadline has passed, we presume. and kathy spurgeon responded by saying he is a day late in the trillion short. lisa henry, what is with all of these names? offer this advice. let the sequester stand. we have to start cutting, and even a sequester only slows the rate of growth. it may be. and smith lesson, he is a serious community organizing narcissist. that is a bad dude. and ja, also tweeting to say, he is serious this time, or was it last time, time before? serious until another teatime opens up a tagger. joining us now, the "a-team," fox is contributor. churning is right here in new york city.

senior pendent editor for then washed and times. rich and have you here. we stay point of farce. the fear mongering. astonishing. >> there is an even bigger issue. things changing. lou: not changing. >> i was being overly cynical, and for that want to apologize. >> i accept your apology. bottom line, i think a sequester is going to involve real disruption. what a president should do to lead is to negotiate, to compromise, and he is late to the party and this one. instead of being out there saying here are the bad things that are going to happen if he should be in the white house with the speaker, the minority leader, and the democratic leader trying to negotiate to avoid this and trying to do a real deal to get tests.

>> and you should be counseling him, but this is not about policy. >> no surprise he has not hired me. >> this is about politics. what he wants to do his last two years is have a democratic house and the democratic senate. what he wants is to let the sequester happen, and the republicans, throw them under the bus, but it might backfire. >> i have been in manhattan now for about an hour. a liberal air in here must be making me crazy. okay. i'm suddenly agreeing with the democrats. i don't know. [talking over each other] lou: many democrats to me does not want to hear about which you agree. >> the reason they greed -- >> happy to listen. >> president obama has sown the zero lead in this whole mess with a sequester. a sequester was his idea. back in 2001 and he said we're going to have to cut spending. i would get my tax cuts and because spending and his sort of went, you figured out.

handle it. the military post a heck, so be it. lou: bob woodward, when bob woodward says he has not seen badness like this and a longtime , we are going to take that up because that has, i think, spectacular, spectacular connotations that are not happy for the republic. iraq and right back with "a-team" here in just moments.e ♪ protein in jellyfish, impact life expectancy in the u.s., real estate in hong kong, and the optics industry in germany? at t. rowe price, we understand the connections of a compl, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment informaon, risks, fees and expenses to read and consider carefully before investing.

lou: we are back with the "a-team." i would like to take up the issue of what is a warning of the white house senior officials to bob woodward, whose legend exists with a brilliant reporting and writing about watergate. in an peccable individual. what in the world are these people thinking of?

and this administration, they look horrible. >> is an america about freedom of speech? you have certain people, things come down the pike. so i think it is very sad. lou: the president is exhibiting any clear in the implications and duplicity and deceit with which it does so much. >> the context of what we are saying is when the president said that i am not sending, you know, i am not using my commander-in-chief powers to defend our nation how we need seals. lou: sending another carrier to the gulf. >> exactly. that is what he says the said is the matter. he said, could you see ronald